Subsequently, Stevens has held positions as Head of the Economic Analysis Department, the Head of the International Department, and was Assistant Governor (Economic) from 1996 to 2001, prior to his appointment as Deputy Governor in December 2001.

Professor Stevens has organized two major research conferences including the Conference on Modular Forms and Fermat's Last Theorem held at Boston University in 1995, and has delivered well over a hundred invited lectures around the world.

Mr Stevens said there was tension in the world economy, with continuing ripples from the financial crisis and a slowdown in the US economy, but the IMF's forecast world growth rate was no lower than the average for the past 15 years.

Global disinflationary forces will assist in this regard, though the depreciation of the exchange rate means that the decline of inflation to the target could take longer than would otherwise be the case," RBA Gov Glenn Stevens said in a statement Tuesday.

In a statement accompanying the decision on rates, Reserve Bank of Australia Governor Glenn Stevens said past rate hikes and stricter lending standards have led to substantial tightening in financial conditions since the middle of 2007.

The evidence is that the tightening in financial conditions, in conjunction with other factors including rising fuel costs, is working to restrain demand," Stevens said in a statement posted on the RBA Website.

RBA Governor Glenn Stevens said price gains were widespread throughout the economy, with consumer prices rising 4 Steven's noted demand for credit by households and businesses had weakened, while household spending has softened in recent months.

Interest rates may lower over holidaysDecember 10, 2008 Reserve Bank Glenn Stevens has frankly admitted that interest rates may lower over the holidays, with possibilities that they may drop by a further 2 by Easter.